SME Finance – The big mistake

When we meet a potential new client one of the key areas for the client is our price, this makes sense. They want a great service but they also want value. Accountants are all different, but imagine if you we’re choosing something where all suppliers had the exact same thing. Money. The CSO released the results of their access to finance survey in March and one line in the report caught my eye.

“Only 8.9% of SMEs primarily selected their bank based on the interest related terms offered.”

SME’s could be paying significantly higher interest rates as a result of their failure to take time to research the interest rates offered by other banks.

45% of businesses chose the bank for their finance based on doing other business with the bank, I’m not sure if this is just laziness / time saving or is the (possibly true) assumption that it’s easier to get finance from a bank you already have a relationship with. Either way, good news for banks businesses aren’t pushing for lower interest rates and bad news for business.

The full CSO report is available here

5 Tax saving tips for landlords

  1. Keep receipts for ALL allowable expenses, In practise we find some clients aren’t careful about keeping receipts, This means they have less tax deductible expenses and end up paying more tax.
  2. Have a system for recording your expenses. It’s very easy to snap a photo of a receipt / invoice using your phones straight into evernote or wave which will ensure you have all documentation when it comes to tax return time.
  3. Ensure you’re registered with the PRTB – Regardless of the legal issues of not being registered if you’re not registered you can’t claim relief on interest paid on your mortgage. This could be a significant tax saving.
  4. Mind your losses – This is an error I’ve seen numerous times, rental income losses can be rolled forward to future years profits. Keep a schedule of your losses and ensure you are claiming the relief.
  5. Keep a list of the contents in the property – Wear and tear can be claimed on most of the assets inside the rental property  but to claim this wear and tear you must have a proper schedule showing purchase price, date of purchase and previous wear and tear claimed.

We can file your rental income tax return from as little as €200 for further details please contact us on